An Internal Control Questionnaire for Payroll Processing Occurrence Assertion Would

question 28

Multiple Choice

An internal control questionnaire for payroll processing occurrence assertion would not include which of the following questions?

• A)Are names of terminated employees reported in writing to the payroll department?
• B)Is the payroll compared to personnel files periodically?
• C)Are checks distributed by the employee's immediate supervisor?
• D)Are all wage rates determined by contract or approved by a personnel officer?.

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Definitions:

Profit Maximization

The process or strategy aimed at increasing a business's net profits to the highest possible level, often by increasing revenue, reducing costs, or both.

Corporate Veil

The legal concept that separates the personality of a corporation from the personalities of its shareholders, protecting them from personal liability for the corporation's debts and obligations.

Corporate Debts

Financial obligations or loans undertaken by corporations, which can include bonds, loans, and other forms of financial liabilities owed to creditors.

Golden Parachute Agreements

Contracts that provide executives with substantial benefits or compensation if they are terminated following a merger or takeover.